One of Fuel Network's primary objectives is to prevent fraudulent activity and provide a safe ecosystem for users. The platform relies on its own software to process multiple transaction chains in parallel, ensuring transactions are secure and efficient.
In this article, we will explore how to interact with the Fuel Network, the investment amount the team has attracted, and the activities available on the network.
Investment Rounds
Fuel Network has successfully raised $81.5 million from several investment rounds. The project's main investors include notable cryptocurrency funds such as Blockchain Capital, Spartan, Coin Fund, Stratos, TRGC, ZMT, and other venture companies.
Investors and partners of the Fuel Network
The Mechanics and Features of the Fuel Network
Fuel Network is a modular blockchain platform, which means that transaction data and consensus algorithms are separated into different parallel modules. This allows for a significant increase in transaction speed and network throughput.
Here are some of the key features of the Fuel Network:
● Parallel transaction execution using multiple threads and CPU cores.
● The Fuel Virtual Machine (FuelVM), which is the platform's own architecture and development environment.
● A proprietary programming language called Sway, which combines the advantages of Solidity and Rust.
Currently, Fuel Network is in a testing phase, so users have the opportunity to receive token rewards through a drop for their activity. Content creators and influencers can also participate in the ambassador program.
Features of the Fuel Network
How to Install a Wallet?
To get started with Fuel Network, you'll need to download and install the wallet extension for your browser. Here's what you need to do:
- Download the wallet software archive from the official Fuel Network documentation.
- Extract the archive to your device.
- Go to the Google Chrome extensions, enable "Developer mode," and click "Load unpacked extension."
- Select the unpacked file from your computer. This will install Fuel Wallet on your browser.
Downloading the Fuel Network wallet software archive (https://wallet.fuel.network/docs/install/)
Once you have installed the wallet and saved your seed phrase, you need to claim test tokens: in the wallet, click "Faucet," and your wallet will be topped up with 0.5 test ETH.
Claiming test tokens in the Fuel Wallet
Working with Swayswap Platform
Swayswap is currently the only decentralized platform you can interact with in the Fuel Network. Here are the available actions you can take on this DEX:
- Claim test tokens DAI and sEther. This transaction will be executed automatically upon the first connection to the platform.
- Exchange tokens.
- Provide liquidity by depositing sEther and DAI coins.
Swayswap decentralized exchange interface
Creating NFTs
Fuel Network has an NFT marketplace – Fuelart. By connecting your wallet to this dApp, click "Create" and enter the details about your NFT. Finally, click "Create."
Creating your own NFT on Fuelart
You can also go to the dashboard and purchase any token from the market.
Summary
Fuel Network is an interesting project in its early development stage. It has raised $80 million from Partan, CoinFund, BlockChain Capital, Alameda, and many others in several funding rounds. Currently, the network's activity is limited to the creation of a wallet and the testing of two platforms – Swayswap and Fuelart.
If more working applications are developed on Fuel Network, the team will inform its users about it. Therefore, it makes sense to subscribe to the project's official
Discord to stay updated on important updates and announcements.
